v3.25.1
Income taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income taxes

Note 12 Income taxes

 

The provision for income taxes consists of the following:

 

           2023   2024   2024 
     For the year ended December 31 
   2022     2023   2024   2024 
   HK$’000     HK$’000   HK$’000   US$’000 
Current tax                       
- Hong Kong    274      -    686    88 
- Other countries    38      131    1,055    136 
Income tax expense    312      131    1,741    224 

 

 

Reconciliations between the provision for income taxes computed by applying the Hong Kong profits tax to income before income tax expense are as follows:

 

   HK$’000   HK$’000   HK$’000   US$’000 
   For the year ended December 31, 
   2022   2023   2024   2024 
   HK$’000   HK$’000   HK$’000   US$’000 
Income (loss) before income tax   8,965    (1,331)   (13,741)   (1,769)
                     
Provision for income taxes at Hong Kong profits tax rates of 16.5%   1,479    (220)   (2,267)   (291)
Effect of different tax rates available to different jurisdictions   (355)   131    3,162    407 
Non-deductible expenses and non-taxable income, net   (812)   -    (35)   (5)
Under provision from prior year   -    -    590    76 
Others   -    220    291    37 
Income tax expense   312    131    1,741    224 

 

Cayman Islands

 

The Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

 

British Virgin Islands

 

RLHL is incorporated in the British Virgin Islands and not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

 

Hong Kong

 

Fenbo Industries and Able Industries are incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate in Hong Kong is 16.5% for assessable profits.

 

PRC

 

Fenbo SZ is governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.